Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices traded higher in India on Thursday, reflecting positive global trends. On Multi Commodity Exchange, December gold futures were at Rs 47,554 per 10 grams, up Rs 55, while December silver futures traded at Rs 118 or 0 , 18% at Rs 65,725 per kg. Globally, yellow metal prices rose, extending gains in a third session on a weaker dollar. Spot gold rose 0.2% to $ 1,784.96 an ounce. US gold futures were little changed at $ 1,784.60.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold prices traded sideways yesterday as global stocks were mostly higher overnight. One of the reasons for gold’s underperformance against silver was the rise in Bitcoin which traded well above $ 64,000, hitting an all-time high. The EUROZONE CPI returned 0.5% and we could see the long side of the commodities market continue due to supply bottlenecks. Gold will be good for this inflationary pressure and we don’t think inflation is transient as central banks believe. Gold has good support at $ 1750 and the near term bottom has been placed. We believe the medium-term floor will be in place once the Fed kicks off its asset reduction program. Today we recommend buying gold with a stop loss of 47200 and an expected target of 47750.
Tapan Patel, Senior Analyst, Commodities, HDFC Securities
Gold prices traded higher on Thursday, with COMEX spot gold prices trading 0.39% up nearly $ 1,789 an ounce in morning trading. Gold prices extended their gains supported by a weaker dollar despite rising US bond yields. Gold prices traded higher amid inflation concerns and renewed concerns over the Evergrande debt crisis in China. We expect gold prices to trade for the day with COMEX spot gold support at $ 1770 and resistance at $ 1800 an ounce. MCX Gold support for December is at Rs. 47,200 and resistance at Rs. 47,800 per 10 grams.
Jigar Trivedi, Research Analyst – Commodity Fundamentals, Anand Rathi Shares & Stock Brokers
Continued inflation, driven by high energy prices and supply constraints around the world, has raised fears that rate hikes will come sooner than expected, a painful prospect for gold. But recent data which showed weaker industrial production and weaker-than-expected home sales in the United States, raising doubts about early rate hikes, has improved sentiments for bullion. Investors could closely monitor the weekly unemployment data expected today and a speech by Fed Chairman Jerome Powell ahead of the central bank meeting next month. December MCX Gold futures could reach Rs 47,700 per 10 grams for the day.
Ravi Singh, Vice President – Head of Research, Share India Securities
Gold MCX looks stronger day by day on the charts. At the start of the Indian holiday season and wedding season, we might see steady purchases of gold and silver. Fed Governor Christopher Waller said if inflation continues to rise at its current rate over the next few months, Fed policymakers may need to adopt “a more aggressive policy response” next year. We advise traders to create new long positions in gold and silver if there is a dip.
Buy area – 47,400 for the target of 47,650
Sell the area below – 47,200 for the goal of 47,000
Ravindra Rao, CMT, EPAT, Vice President – Head of Commodity Research, Kotak Securities
COMEX gold is trading slightly higher near $ 1788 / oz after gaining 0.8% yesterday. Gold is supported by the weakening US dollar, growing concerns about inflation, disappointing economic data from the US and China, and concerns about the Chinese real estate market. However, the lack of investor buying and the higher bond yields weighing on prices, reflect heightened expectations that the Fed may soon start monetary tightening. Gold rose slightly after a brief consolidation near the $ 1,770 / oz level, but the price has yet to break above the recent high of near $ 1,800 / oz. The general bias could be on the rise amid increasing challenges for the global economy.
Amit Khare, AVP- Research Commodities, Ganganagar Commodity
Yesterday we saw safe-haven stocks buying bullion at lower levels, particularly silver. Overall, the technical charts for both gold and silver are strong. The RSI dynamics indicator also indicates the same. Thus, traders are advised to take new long gold and silver positions in small dips near the given support levels, traders should focus on the important technical levels shown below for the day.
December Gold Support: Rs 47300-47000, Resistance: Rs 47675-47900
December Silver Support: Rs 65200-64800, Resistance: Rs 66000-66600
(The opinions expressed in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online assumes no responsibility for their advice. Please consult your investment advisor before investing.)